EURUSD pares weekly losses within a fortnight-long falling wedge bullish chart formation ahead of Fed Minutes. The major currency pair’s rebound appears more interesting as it stays beyond the 200-EMA amid a steady RSI (14) line, suggesting further upside. However, the Euro bulls need to carve out the 1.0920 hurdle to confirm the bullish pattern pointing towards...
EURUSD holds onto the previous week’s U-turn from a five-month-old horizontal resistance while bracing for the second weekly loss, targeting the 50-EMA support of around 1.0850 of late amid a looming bear cross on the MACD. That said, the RSI (14) line’s retreat from the overbought RSI also suggests the Euro pair’s further weakness and hence the pair’s fall past...
Gold stays on the way to post the third consecutive weekly loss even as the one-month-old falling trend line prod XAUUSD sellers around $1,900 of late. Also challenging the quote’s further downside is the nearly oversold RSI (14) line. However, the bullion’s sustained trading beneath the fortnight-long falling trend line and the 200-SMA, respectively near $1,918...
Quarterly Analysis of Nifty50 — 31 Mar 2023 to 28 Jun 2023 N50 also rose 11.06% ~ 1888pts, percentage wise same as BN. The price action of N50 was much more healthy with 2 proper legs & occasional retracement that gave it further thrust. If you analyze the pattern from 01 Dec to 28 Jun it looks like a perfect V shape. 16962 support which provided the crucial turn...
AUDUSD remains on the back foot at the three-week low after posting the biggest weekly loss since August 2022 on Australia inflation day, breaking convergence of the 200-SMA and 50% Fibonacci retracement of its late May to early June run-up on downbeat Aussise Monthly CPI. Having breached the stated key support, the 61.8% and 78.6% Fibonacci retracements,...
USDCAD remains depressed at the year-to-date levels ahead of Canada inflation and US Durable Goods Orders. It’s worth noting that the Loonie pair bears have little fundamental, as well as technical support unless witnessing a corrective bounce. That said, the oversold RSI appears the first catalyst suggesting a rebound in the pair price. With this, a one-month-old...
Gold Price breaks a month-old bearish channel towards the south and suggests further downside past the latest three-month low surrounding $1,920. However, the oversold RSI conditions keep offering intermediate bounces as the bullion drops towards the 61.8% Fibonacci Expansion (FE) of May 15 to June 16 moves, near $1,907. Following that, the $1,900 round figure may...
GBPUSD dropped in the last three consecutive days and is on the way to posting the first weekly loss in four as the Cable traders prepare for the Bank of England (BoE) Interest Rate Decision, despite the latest rebound. Even so, the Pound Sterling remains beyond the 50-SMA and a three-week-old rising support line, respectively near 1.2690 and 1.2655 at the latest....
Gold again bounces off the 100-DMA after five consecutive attempts to break an important moving average that has been pushing back bears since late May. Adding strength to the said DMA support is the 50% Fibonacci retracement of its late February to May upside, near $1,940. It’s worth noting, however, that the oscillators portray a grim picture for the XAUUSD...
GBPUSD extends the week-start retreat from a one-month high, after posting a two-week upside, as it braces for the UK employment numbers on Tuesday. The In doing so, the Cable pair holds onto the previous day’s pullback from a six-week-long horizontal resistance as RSI retreats from nearly overbought territory. Even so, the MACD indicator flashes bullish signals...
AUDUSD marked the biggest weekly gain since early November 2022, not to forget mentioning the second in a row, backed by RBA’s hawkish surprise. The Aussie pair, however, currently jostles with the key upside hurdle as the key week comprising the US inflation and Federal Reserve (Fed) monetary policy decision looms. That said, a four-month-old descending...
Despite bracing for the second consecutive weekly gain, the Gold buyers appear running out of steam as the metal stays within a three-week-old bearish triangle, recently bouncing off the chart pattern’s bottom line. The latest recovery may initially gain momentum on breaking the weekly resistance line, around $1,965 by the press time, which in turn can challenge...
USDCAD remains unimpressive after breaking a seven-week-old horizontal support zone the previous day. That said, the RSI (14) rebounds from oversold territory and hence lures the buyers. However, a clear upside break of the support-turned-resistance area surrounding 1.3410, backed by the Bank of Canada’s (BoC) hawkish tone, becomes necessary to convince buyers....
EURUSD’s break of a six-month-old ascending support line, as well as poking of the 200-day EMA, set the tone for the major currency pair’s additional weakness as markets await the Eurozone inflation and US employment numbers. Adding strength to the downside bias are the bearish MACD signals. However, the RSI (14) is nearly oversold and hence suggests...
AUDUSD remains on the bear’s side after breaking the key support line in the last week. The nearly oversold RSI, however, allowed the quote to consolidate in the last few days while the bearish MACD signals keep sellers hopeful. Hence, the Aussie pair remains vulnerable to testing an eight-month-old horizontal support zone surrounding 0.6380 while any further...
Gold braces for the third consecutive weekly loss as it challenges a six-month-old bullish trend channel formation. That said, bearish MACD signals join a three-week-old descending resistance line to keep XAUUSD sellers hopeful, the nearly oversold RSI conditions and the key support near $1,928 stop bears from taking control. As a result, the metal’s further...
Gold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge. However, the 21-day EMA adds strength to the $2,008 support, a break of which will confirm the bearish chart pattern suggesting a theoretical fall toward $1,750. That said, the $2,000 psychological magnet will precede the multiple lows marked near $1,970 and February’s...
After multiple failures to cross the 1.1100 hurdle, EURUSD broke a five-week-old ascending support line as US Consumer Price Index (CPI) for April looms. The major currency pair’s bearish signal also gains support from the downbeat MACD and RSI conditions. However, the 50-DMA and 100-DMA levels, respectively near 1.0850 and 1.0785, can check the Euro bears before...